G7 release of diesel reserves met with criticism from the Greens

Diesel prices are higher than ever. Under pressure from the US government, the G7 countries are releasing large amounts of their diesel reserves. The Greens shake their heads: "The reserves are there for emergencies and not for an American president," says the party's energy expert.

The Greens have sharply criticized the G7 countries' decision to release oil and diesel from their national reserves. “The release is a mistake, or worse: political stupidity,” said Green energy politician Michael Kellner. "The reserves are there for emergencies and not for an American president who loses his skin during the election campaign."

The Green MP was alluding to the fact that the decision to release it came about under pressure from the US government. US President Donald Trump had urged European partners to release diesel reserves and promised a US diesel export ban if they refused. This could have affected supplies, particularly in the EU: around half of their diesel imports come from the USA.

The G7 countries announced on Friday that they would release up to 100 million barrels of diesel and crude oil from their reserves. The release should "start immediately" and extend over four months, "including an early, extensive diesel release within the first 20 days," it said in a joint statement. The G7 includes Germany, France, Italy, Great Britain, the USA, Canada and Japan.

After the agreement, Trump surprisingly ruled out an export ban and also said that an export ban was "never really on the table." However, on September 22nd he spoke out in favor of such a step and said on Thursday that the USA would continue to consider it.

The US government hopes that the release will have a dampening effect on fuel prices around a month before the congressional elections. The high prices are a nuisance for many people in the USA. Polls currently indicate a clear defeat for the Republicans in the House of Representatives.

The decision had a direct impact on oil prices. The US oil price temporarily fell by up to five percent, and the price for a barrel of North Sea Brent temporarily fell below $100 again.

The supply situation remains tense, especially for diesel. Although crude oil exports from the Middle East are approaching pre-Iran war levels, damaged refineries are limiting fuel production. Russian refineries were also damaged by Ukrainian attacks. In the EU, the price of diesel recently reached a record weekly average of 2.24 euros per liter.